Gazprom puts on auction its construction company

Gazprom puts on auction its construction company
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One of the remaining construction assets of PJSC Gazprom — 99.99% of Tsentrgaz — was put on auction, the media reports on Friday.

The auction will be held in a month, on April 13. The starting price is 4.5 billion rubles ($78,6 million), the auction step — 500 thousand rubles ($8,700).

OJSC Tsentrgaz is based in the Russian city of Tula and has a rich history. It was founded in 1973 under the name of construction and assembly trust Souztsentrgaz. Now it is engaged in oil and gas pipeline construction activities. The company builds, modernizes and repairs gas trunk lines and pipelines. During the last three years, Tsentrgaz has been a profitable company, with a revenue amounting to 22.6 billion rubles in 2017.

Gazprom sold most of its construction assets a decade ago to the Russian oligarch Arkady Rotenberg. As a result, a major building company emerged on the basis of these assets — Stroygazmontazh (S.G.M. Group) which is now the largest Russian contractor in the field of oil and gas infrastructure.